4.45 million bitcoin untouched for 5yrs,do BTC community can retrieve in future? - page 2.

Cookdata

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Quote from: Andrik Viate on June 02, 2022, 03:23:48 AM

My questions is that ' is there any possibility that some point in time in future BTC community might decide something which can retrieve this lost BTCs?

The community is not built to retrieve any bitcoin for anyone, what is the assurance that the key to that bitcoin has lost as you said? There are people who have bought bitcoin for more than 7 years, they haven't spent a single sats from it, despite some soft fork like the use of native segwit address, they still prefer the first legacy wallet address to avoid chain surveillance from puting nose in their holdings.
If anyone do this, you are breaking the trust of the community, it will be impossible to even break into these wallet address except you have some tips about that wallet addresses like some missing part of the private keys or wallets dat

Mahanton

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Quote from: KennyR on June 02, 2022, 05:05:26 PM

We can't get into conclusion those bitcoins that weren't transacted for 5years is a lost one. Among that will be coins that are kept hold for years.

To retrieve bitcoins that are being lost is impossible thing. These days we've got some people claiming that they'll be able to get back stolen and lost bitcoins. Don't believe it.

If this gets added up to the circulation, we'll experience an increase in the volume as well as the dominance level.

James Howells accidentally threw his hard drive during an office cleanup in 2013. He have been struggling hard to find it, even reached NASA for help. Similar incidents can be found and this can be considered a lost one.

Really hard to determine whether its a lost coin/wallet for a dormant account/wallet that we do see in the market and its true that we wont know if the owner is tending to hold it off for years
or simply those wallets are totally lost or cant be accessed by its owners or simply been forgotten thats why its really hard to determine.I remember that Hard drive which does have lots of
coins inside of it which is unfortunate for someone to experience but there's nothing we can do and its just stressful on minding those situations back.

KennyR

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We can't get into conclusion those bitcoins that weren't transacted for 5years is a lost one. Among that will be coins that are kept hold for years.

To retrieve bitcoins that are being lost is impossible thing. These days we've got some people claiming that they'll be able to get back stolen and lost bitcoins. Don't believe it.

If this gets added up to the circulation, we'll experience an increase in the volume as well as the dominance level.

James Howells accidentally threw his hard drive during an office cleanup in 2013. He have been struggling hard to find it, even reached NASA for help. Similar incidents can be found and this can be considered a lost one.

carlfebz2

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Quote from: Andrik Viate on June 02, 2022, 03:23:48 AM

My questions is that ' is there any possibility that some point in time in future BTC community might decide something which can retrieve this lost BTCs?

Nope, 2nd post of this thread does explain and this comes from the creator itself which means its the absolute rule when it comes or in talks about lost Bitcoins, thats why you should really be careful

on storing up your coins and never ever tend to forget your private keys or seeds which could really be the thing needed on accessing your wallet.
There's no way that community could make out retrieval and if you do tend to understand the basic concept of Bitcoin itself then you would clearly understands.

AnotherAlt

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Quote from: LoyceV on June 02, 2022, 03:58:29 AM

While on the subject of Forking, if I ever make a Fork, I'll call it BitcoinLV (BLV): Bitcoin Loyce Vision or Bitcoin Loyce Valenzuela. I wouldn't hold my breath though.

Would you mind getting negative tags from the Bitcointalk community and getting distrusted by 10K accounts for doing this? Grin

Jody.Drummer

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Quote from: Andrik Viate on June 02, 2022, 03:23:48 AM

My questions is that ' is there any possibility that some point in time in future BTC community might decide something which can retrieve this lost BTCs?

What for? in what way? and if it can why not now?

This is what is called complete control only in your hands. It's not impossible it's just that everything must have a probability rate above 5%. If I could, then I wouldn't tell you that I've taken the 99% lost Bitcoin and 1% just let it go live on Twitter. Grin

teosanru

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Quote from: Andrik Viate on June 02, 2022, 03:23:48 AM

My questions is that ' is there any possibility that some point in time in future BTC community might decide something which can retrieve this lost BTCs?

It's not possible at all, first of all how do you form a consensus that this money is actually all lost? There is a high possibility that this might not be lost, it's just that owner must have kept it safely and securely person saying he has the key and lost it might be lying even if you realise that it's true you'll have to cheat the system protocol in order to get this money which not only sound unethical but foolish at the same time, so I don't think such a thing would happen.

Little Mouse

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We don't know if they arr lost or not. How do you know? It os very unlikely that there are BTCs which are stuck (lost). Owner/someone else can get private key too.
Imagine, in 2050, someone will dig soil and found a hardware wallet which will have X amount of BTC lol.

Regarding your questions, if someday some steps will be taken, that won't anymore be bitcoin blockchain. That will be another altcoin chain.

franky1

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Quote from: Andrik Viate on June 02, 2022, 03:23:48 AM

My questions is that ' is there any possibility that some point in time in future BTC community might decide something which can retrieve this lost BTCs?

as a member of the community, whereby i have coins i have not touched for more then 5 years. i have decided that you shall leave my coins alone!!

my coins are not lost. i am just treating them as a retire plan.

but if you think 5 years is enough. how about i come to your city, approach your employer and demand that i take your employment retirement plan of all funds over 5 years old.

if you wish to steal funds that do not belong to you, first start by surrendering your own funds first.

Fivestar4everMVP

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Quote from: Andrik Viate on June 02, 2022, 03:23:48 AM

My questions is that ' is there any possibility that some point in time in future BTC community might decide something which can retrieve this lost BTCs?

Well, I don't think so, lost bitcoins are lost, and it's up to their individual owners to individually look or find a way to get their lost bitcoins back, and if they can't, then those bitcoins continues to stay lost forever.
4.45 million bitcoins is no small amount and if this number continues to stay unaccessible to its owners, then this will help the ones in circulation to worth slightly more in price.

Come to think of it, how do you expect the entire bitcoin community to collectively work together to retrieve lost bitcoins when the community doesnt own those bitcoins?, and when at the end of it, the owners of those bitcoins will claim their lost bitcoins and not give anything back to the community, I don't think it's worth the community's time and effort.
Those who lost their bitcoins by carelessly misplacing or forgetting their password should carefully find a way to retrieve their lost bitcoins. Grin

Ale88

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Quote from: Andrik Viate on June 02, 2022, 03:23:48 AM

My questions is that ' is there any possibility that some point in time in future BTC community might decide something which can retrieve this lost BTCs?

There is nothing you can do about it. Anyway 5 years is a short amount of time, for sure we don't have 4.5 mln of bitcoins lost forever, many of them are just sitting in the wallets of some real hodlers. There are addresses without any transaction for the last 10 years and then suddenly the bitcoin move, so what you're asking could even be dangerous because it would suggest to take the bitcoin from someone who didn't actually lose them.

stompix

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Quote from: tranthidung on June 02, 2022, 06:12:55 AM

With Bitcoin, your money is secured by laws of the universe

That refers to a brute force attack on your keys alone.
No law in this universe will be able to prevent a hard fork if the community is stupid enough to decide on it for whatever reasons that make no sense right now. Satoshi will keep his coins on his own chain but if that is abandoned his coins will have nearly the same value those currently mined on the BSV network have.

Stupidity is the only thing in this universe that has no rules or limits, but I seriously doubt I would see something as stupid as this, at least in my lifetime. After that, who cares!

Quote from: DaveF on June 02, 2022, 06:03:01 AM

Outside of the obvious no answer they can't be taken. I find it amazing the number of people who don't understand the concept of long term things.
I actually have some 30 year bonds that I bought while I was in college. Just sitting there earning interest for the last 2 1/2 decades. What if people decided to do the same with their BTC do you just want to take that?

As I said there is no limit to stupidity, I can perfectly see somebody coming up with an idea of recreating the chain where everyone has to come with his addresses and all KYC details to receive clean coins in a new chain while the ones not claimed by anyone else are presumed lost and destroyed. And trust me, you're going to see people cheering for this as it will give BTC legitimacy or whatever!

Just looks at the number of topics like this one where random guys want a piece of satoshis coins, just because they think they deserve!
Greed and envy will always manage to ruin a lot of nice things and ideas.

Lucius

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Does anyone still believe in the theories launched by a spy company (blockchain analysis) to promote themselves and their business a few years ago? If memory serves me well, they based their theory of lost coins on a period of 4 years of inactivity, which is a completely meaningless methodology to determine how much Bitcoin has been irretrievably lost.

Although the exact number will remain unknown, I think that given the human exaggeration around everything, the number of BTCs currently lost is close to 2 million - although this is just speculation.

tadamichi

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Quote from: Andrik Viate on June 02, 2022, 03:23:48 AM

My questions is that ' is there any possibility that some point in time in future BTC community might decide something which can retrieve this lost BTCs?

Nah, but i dont think we should be too concerned about lost coins, because in the unlikely case that the circulating supply gets too low(because of lost coins) to still be functional, we could add more decimal places to it and so never run out of it(with the positive side effect of not screwing anyone up, because their amount of coins remains the same).

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Quote from: Andrik Viate on June 02, 2022, 03:23:48 AM

My questions is that ' is there any possibility that some point in time in future BTC community might decide something which can retrieve this lost BTCs?

What this can lead to is hardfork that will lead to the creation of an altcoin, just like bitcoin cash.

If the lost bitcoin are to be recreated, who will be the owner? The lost coins are lost but not lost in value, the value of the lost coin will be added to the ones that are not lost as the circulatory supply is reduced. So, why creating it again, even no one knows the coins that have lost, because a coin is not transferred over 50 years does not mean it is lost.

The more the circulatory supply is reducing the more the increase in price as the coin become more limited in supply and will become more valuable.

Protect your wallet, seed phrase, private key and bitcoin so not to be a victim of a lost coin.

BlackHatCoiner

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Farewell, Leo

Quote from: NotATether on June 02, 2022, 05:26:36 AM

[...]

What I meant is that I'll never accept to freeze coins or move them arbitrarily without a digital signature. That'd make bitcoin susceptible to censorship.

Quote from: mk4 on June 02, 2022, 05:35:54 AM

In the first place, how would you know if coins on certain wallet addresses are actually 'lost' and not with the owner just holding silently by not spending or moving the coins around?

Exactly. We don't know if those early outputs are still accessible, and therefore can't make a conclusion. In fact, we keep seeing people, occasionally, who unlock outputs that are more than a decade old.

tranthidung

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With Bitcoin, your money is secured by laws of the universe

Brute force Bitcoin private key is very hard if you don't have any information, like wallet ID and json file in this video, it is impossible to brute force a Bitcoin private key. [1]

[1] https://www.youtube.com/watch?v=rMtW8vIHHek

DaveF

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Outside of the obvious no answer they can't be taken. I find it amazing the number of people who don't understand the concept of long term things.
I actually have some 30 year bonds that I bought while I was in college. Just sitting there earning interest for the last 2 1/2 decades. What if people decided to do the same with their BTC do you just want to take that?

Years ago (and they may still exist) there were 50 year bonds. Do you just want to take those from people?

How about show up at their house and take the cash they have in a shoebox in the back of the closet that they have been collecting since they were young?

-Dave

kaggie

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If that happened, then it would destroy the idea that bitcoin is a long term store of value.

Pmalek

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No one has the right to interfere into how other people are spending, storing, or using their Bitcoin. Bitcoin is censorship-resistant and immutable. If you change that principle, you no longer have Bitcoin. You have an altcoin where a centralized group decided to change year-long rules.

Each Bitcoin holder decides for himself. I can keep my coins on the same address forever without moving them if I want to, without fear that someone might attempt to steal them for whatever reason.

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